CHICAGO, April 25, 2011 /PRNewswire/ -- TUC Investor Value Creation Group, LLC ("TUC IVC Group") today announced that it is mailing definitive proxy materials to all Mac-Gray Corporation ("Mac-Gray") (NYSE: TUC) shareholders urging them to carefully consider both slates of directors before making any decisions ahead of this extremely important Annual Meeting and election of MacGray directors. The highly qualified TUC IVC Group independent director nominees can be found on the GOLD proxy card attached to the proxy materials. MacGray's Annual Meeting of Shareholders is scheduled to be held on Wednesday, May 18, 2011.
"We have been a shareholder of MacGray for more than ten years, which is more than 75 percent of the time that the company has been public. Our investment in Mac-Gray pre-dates the tenure of any member of the current Board of Directors," said Benjamin Kovler, Managing Member of TUC IVC Group. "During the last several years, we believe the Mac-Gray Board has failed to fully maximize shareholder value and repeatedly disregarded shareholders' wishes, particularly in 2010 when those viewpoints were expressed through votes at the Annual Meeting and the Board failed to respond. We believe it is time for change, and that all shareholders would benefit from the fresh viewpoints and new energy that our nominees would bring to the Board."
Kovler continued: "Our nominees have the financial and operational expertise required to evaluate opportunities to create shareholder value, including potential acquisition opportunities, divestiture decisions, operational synergies and capital allocation strategies. Our nominees also bring a firm commitment to the best corporate governance practices, something we believe has been significantly lacking in the Mac-Gray boardroom during the last several years. Our nominees will listen to, and be accountable to all shareholders."